Strengthening the FfD Follow-up Process: Proposals and Plans from Civil Society

Tuesday, 16 April, 1:15 – 2:30 p.m.
Trusteeship Council Chamber

Tax and Illicit Financial Flows: Following up on FfD and SDG commitments

Monday, 15 April, 1.15-2.30 pm
Trusteeship Council Chamber

Reaching the furthest behind: Is blending fit for purpose?

Tuesday, 16 April, 6:30 – 8:00 p.m.
Conference Room 8

Trade and Investment Policy: A Critical Ingredient in Harnessing FfD Instruments to Achieve the SDGs

Wednesday, 17 April, 8.00 am – 9.30 am
Conference Room 8

The new wave of debt and financial crises: how to tackle it?

Wednesday, 17 April, 1:15 – 2:30 p.m.
Trusteeship Council Chamber

Sustainable Investments & Systemic Reform: Policy and Regulatory Challenges

Wednesday, 17 April, 6:30 – 8:00 p.m.
Conference Room 5

IMF/World Bank Annual Spring Meetings 

Tackling the Next Wave of Sovereign Debt Crises

Wednesday, April 10, 2019,
3:00pm - 4:00pm
IMF/World Bank Spring Meetings
IMF Headquarters 1 - Meeting Hall A&B

Moderator: 

 Mr. Larry Elliott, Economics Editor, The Guardian

Panelists: 

Mr. David Lipton, First Deputy Managing Director, IMF
Mr. Fanwell Kenala Bokosi, Executive Director, African Forum and Network on Debt and Development (AFRODAD)
Mr. Lee Buccheit, Legal Expert
Ms. Odette Lienau, Professor of Law, Cornell University and Yale University
H.E. Romuald Wadagni, Minister of Finance of Benin

Debt is at record levels in advanced economies and emerging markets. 40 percent of low income countries are wrestling with debt distress or high-risk debt levels. If measures are not put in place to reduce risk, a new and broad-based wave of debt crises could emerge as a major threat for the 2030 development agenda. In a few countries, a debt crisis has already materialized. Can the current international financial architecture provide prevention and resolution of debt and financial crises? Or does it need to be reformed?

Sponsors: Jubilee USA Network, AFRODAD, eralssjahr.de, Eurodad, Latindadd, Oxfam

Click here for printable event flyer.  

Available for Interview and On-Camera Interviews: Eric LeCompte, Executive Director
Contact: Kate Zeller, Campaigns Director - [email protected] / (o) (202) 783-3566 x105 / (m) (503) 936-7553

Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions

Friday April 12, 2019,
2:00 pm - 3:30 pm
IMF/World Bank Annual Spring Meetings
Building I2 Room 220

Moderator: 

Eric LeCompte, Executive Director, Jubilee USA Network 

Panelists: 

Fanwell Kenala Bokosi, AFRODAD  

Mark Flanagan, IMF Debt Policy Division

Patricia Miranda, Latindadd

Sponsors: Jubilee USA Network, AFRODAD, Latindadd, Brot für die Welt

New debt case studies and analysis for Latin America, Africa and the Caribbean will be presented during this panel. Debt and finance experts will discuss current debt crises and debt distress facing countries. Causes, prevention measures and solutions will be debated. In light of new debt reports, this panel will review policies including: debt restructuring, debt sustainability, tax and transparency, trade agreements and responsible borrowing and lending.

Click here for printable event flyer. 

Washington DC - In Somalia, 60 percent of the 15 million person population lives in extreme poverty. According to the United Nations Development Programme almost 10 million people live in extreme poverty or close to poverty in Somalia while the war-torn African nation wrestles with a $4.6 billion debt. On Friday, Somalia's Finance Minister Abdirahman Beileh will call for debt cancellation for humanitarian assistance.

"In the face of such terrible suffering, Somalia's debt must be eliminated as soon as possible," noted Jubilee USA Executive Director Eric LeCompte who serves on United Nations debt expert groups. "Eliminating Somalia's debt means an immediate investment to reduce extreme poverty in the country."

Somalia owes more than $4.6 billion in debt. The United States, France, Italy, the IMF and World Bank hold the highest levels of Somalia debt.

"Humanitarian concerns and global political will are coming together to relieve Somalia's debt," stated LeCompte. "The situation is so extreme in Somalia and we need immediate debt relief."

On Friday morning Somalia's Finance Minister, Jubilee USA head - Eric LeCompte, the African Development Bank and Save Somali Women and Children will participate in the forum at the US Institute of Peace. American Friends Service Committee, the Somalia NGO Consortium, Somalia Working Group, Jubilee USA Network and the African Faith and Justice Network are sponsoring the event. 

To learn about or RSVP for the April 12th High-Level Forum on Debt Cancellation for Somalia visit here.

Washington DC - For the second day in a row, the International Monetary Fund raised concerns of pending financial crisis. Ahead of the Spring IMF and World Bank meetings, the IMF released the Global Financial Stability Report, warning of "vulnerabilities" in corporate debt, house values and sovereign (country) debt.

"We are seeing some of same conditions that created the 2008 financial crisis and the IMF worries that we are not doing enough to prevent the next financial crisis," stated Jubilee USA Executive Director Eric LeCompte who monitors IMF reports. "When we review the IMF's analysis, they are looking directly at causes of the 2008 financial crisis, including house values, corporate and country debt and risky financial behavior."

On Tuesday, the IMF released the biannual World Economic Outlook Report noting a global growth slowdown and raising concerns about unsustainable debt, trade tensions and the impact of natural disasters on the financial system. The IMF expressed heightened concerns of looming debt crises and possible financial crisis. 

On the heels of the IMF report releases, the IMF and development groups organized a high-level event at the meetings,"Tackling the Next Wave of Sovereign Debt Crises." On Wednesday, world leaders, finance ministers, business leaders, journalists and development groups attend the event at IMF Headquarters. 

"In order to prevent financial crisis, we need stronger international and national policies to deal with debt problems, stop risky financial behavior and promote tax and transparency policies that can raise revenue," said LeCompte, one of the organizers of the debt event.

The speakers at the high-level forum include Benin's Finance Minister Romuald Wadagni, the IMF's David Lipton, The Guardian's Larry Elliot, the director of AFRODAD - Fanwell Bokosi and legal experts Lee Buccheit and Odette Lienau. Jubilee USA Network, AFRODAD, Oxfam, Latindadd, Eurodad, Jubilee Debt Campaign (UK), Jubilee Germany and the IMF sponsored the event. In addition to the high-level debt panel, Jubilee USA is also organizing events this week on Somalia, transparency policies and country debt case studies.

Read the April 2019 Global Financial Sustainability Report 

Read Jubilee USA release on the April 2019 World Economic Outlook

Read more about the IMF Main Event "Tackling the Next Wave of Sovereign Debt Crises"

Read about Jubilee USA's Panel "Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions"

Read about Jubilee USA's upcoming "High-Level Forum on Debt Cancellation for Somalia"

Washington DC - As world leaders, finance ministers, business leaders and development groups gather for the Spring International Monetary Fund and World Bank meetings, the IMF raises fresh concerns about the global economy. The IMF releases the biannual World Economic Outlook Report noting a slowdown in global growth and focusing on economic challenges that include unsustainable debt, trade tensions and the impact of natural disasters on the financial system.

"For several years now, the IMF continues to raise concerns over possible financial crisis and economic stability," noted Jubilee USA Executive Director Eric LeCompte, who tracked IMF meetings and reports for the last 10 years. "While the IMF downplays the possibility of a recession, the IMF analysis argues we could see another recession if we don't address risky behavior, trade tensions and debt concerns."

The IMF report forecasts a downturn in 2019 economic growth from 3.6 percent to 3.3 percent. With heightened concerns of looming debt crises, the IMF joined Jubilee USA and other debt watchdogs to host a major high-level event for meeting attendees on Wednesday, "Tackling the Next Wave of Sovereign Debt Crises." On Friday, Jubilee USA moderates a discussion of Latin American and African groups releasing new reports on debt, "Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions."

"If we are going to prevent the next financial crisis, we need stronger international and national policies to deal with debt problems, stop risky financial behavior and promote tax and transparency policies that can raise revenue," stated LeCompte.   

Read the April 2019 World Economic Outlook

Read more about the IMF Main Event "Tackling the Next Wave of Sovereign Debt Crises"

Read about Jubilee USA's Panel "Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions"

Puerto Rico, Somalia and the World's Poor Hunger for Jubilee: Debt, Transparency, Trade and Disaster Economics

Eric LeCompte, Executive Director of Jubilee USA, was cited in MarketWatch on the global economy and IMF Managing Director Lagarde's recent address. Read an excerpt below and follow this link to the full article.

IMF’s Lagarde: Global economy has lost momentum but will likely avoid recession

Eric LeCompte, executive director of Jubilee USA, said he thought the undercurrent of Lagarde’s speech was “heightening concern for economic stability and growth.”

In her speech, Largarde warned again that there would be no winners in a trade war between the U.S. and China.

Read more here.

Washington, DC - On Monday the Senate failed to pass disaster relief funding to benefit Americans impacted by wildfires, hurricanes, flooding and other natural disasters. Republicans and Democrats clashed over recovery aid amounts for Puerto Rico and two separate proposals could not muster enough votes for passage.

"The Senate must work together and pass a disaster relief package that ensures Americans from Iowa to Puerto Rico get the recovery aid they need," stated Eric LeCompte the Executive Director of Jubilee USA, a religious development group. "Because of the Senate's inability to take action, over a million vulnerable people in Puerto Rico lost food assistance benefits last month. The Senate must move forward a disaster relief package immediately."

As Puerto Rico disaster aid continues to be debated, additional relief monies are on hold for Americans suffering from disasters in Nebraska, Iowa, North Carolina, Florida and Georgia

Washington DC - Ahead of the Spring International Monetary Fund and World Bank meetings, the head of the IMF, Christine Lagarde delivered a speech to the US Chamber of Commerce, "A Delicate Moment for the Global Economy: Three Priority Areas for Action."

"As world leaders prepare for the Spring IMF meetings, Lagarde is raising concerns about the state of the global economy.

"Lagarde calls for tackling unsustainable debt, corporate tax avoidance and global corruption. She acknowledges that when trade deals are done wrong, it can hurt workers and the poor.

"When we look at Lagarde's speech in light of IMF reports from the last year on growing risks facing the global economy, the IMF is heightening concern for economic stability and growth."

Read the full speech here: https://www.imf.org/en/News/Articles/2019/03/29/sp040219-a-delicate-moment-for-the-global-economy

Kate Zeller
Campaigns Director